# Mkango Secures Power for Texas Rare Earth Magnet Hub, Targets 2027 Production Start

- URL: https://stocks.freetheai.org/news/mkango-secures-power-for-texas-rare-earth-magnet-hub-targets-2027-production-72f762
- Published: 2026-10-13T11:05:00Z
- Category: company_news; sentiment: bullish; impact: medium
- Symbols: [TSXV:MKA](https://stocks.freetheai.org/symbols/TSXV-MKA)
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Mkango Magnetic Materials Ltd. (TSXV:MKA) announced that its unit HyProMag USA has secured power supply from Oncor for its rare earth magnet hub in Texas. Shares of the company gained 12.12% to trade at 0.74 CAD following the update.

The power arrangement advances the company's strategy to establish recycled neodymium-iron-boron (NdFeB) magnet production capacity in the United States. Under the project schedule, initial cutting and finishing operations are targeted to begin in the first half of 2027. Full Phase 1 completion is scheduled for mid-2028, aiming for annual output of roughly 550 tonnes of NdFeB magnets and 484 tonnes of co-products, totaling about 1,034 tonnes per year. An envisaged Phase 2 expansion could later raise total capacity to approximately 1,526 tonnes annually.

Infrastructure work and regulatory steps are moving forward alongside operational planning. Permitting for the facility is advancing through Weston, while Pegasus has initiated contractor requests for quotations. Key factors to watch next include formal engineering and construction awards, off-take and funding agreements, and execution against the 2027 and 2028 operational targets.

## Key points

- HyProMag USA secured utility power with Oncor for its rare earth magnet hub in Texas.
- Initial cutting and finishing operations are targeted to start in the first half of 2027.
- Phase 1 completion in mid-2028 targets 550 tonnes per annum of NdFeB magnets and 484 tonnes of co-products.
- Envisaged Phase 2 expansion could boost total annual output capacity to about 1,526 tonnes.
- Permitting is progressing through Weston, and Pegasus has launched contractor requests for quotation.

## Questions and answers

### What did Mkango Magnetic Materials announce regarding its Texas magnet facility?

Mkango announced that HyProMag USA secured power with Oncor for its Texas rare earth magnet hub, paving the way for cutting and finishing operations in early 2027.

### What are the production targets for Phase 1 of the Texas hub?

Phase 1 is expected to complete in mid-2028 and produce about 550 tonnes per annum of NdFeB magnets and 484 tonnes per annum of co-products.

### How did Mkango stock respond to the news?

Shares of Mkango Magnetic Materials Ltd. (TSXV:MKA) gained 12.12% to trade at 0.74 CAD following the project update.